This facility will enable its customers to transact using a virtual payment address issued by the bank. The payments bank will be the most recent one to join the UPI segment, with 50 banks already live on the platform.
“We will soon enable the seamless creation of UPI IDs on our platform so that users can send and receive money to each other, and for merchant payments. It will be one of the most important components of our payments platform and enable us to bring cost-efficient digital payment services to every Indian,” said Renu Satti, CEO of Paytm Payments Bank.
Paytm Payments Bank was launched last month and is all set to expand to 31 branches and 3,000 customer service points in the first year of its operation.
“Paytm owns the country’s largest payment ecosystem with a vast loyal consumer base and more than 5 million offline mere factors will offer us the edge once chants. These factors will offer us the edge once we launch UPI on our platform,“ Satti said.